Zoom Video Earnings: ZM Stock Zooms Higher on Q1 Beat

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Zoom Video (NASDAQ:ZM) reported its quarterly earnings results early today, bringing in a profit and sales that were stronger than what analysts called for, playing a role in lifting ZM stock more than 15% on Friday.

Zoom Video EarningsThe conferencing video services provider, based out of San Jose, Calif., announced that for its first quarter of its fiscal 2019, it posted sales of $122 million, which was more than double its sales from the first three-month period of 2018. The figure was also stronger than the Wall Street consensus estimate of $111.4 million.

This was Zoom’s first quarterly earnings report since going public and the company made its mark not just in the sales front, but its adjusted earnings also impressed at 3 cents per share. Analysts were calling for the business to amass adjusted earnings of a penny per share.

“In our first quarter as a public company, strong execution and expanding adoption of Zoom’s video-first unified communications platform drove total revenue growth of 103% year-over-year,” Zoom founder and CEO Eric Yuan  said in a statement. “Delivering happiness to our customers is our number one priority. If we keep them happy, we believe we will succeed today and in the future.”

For the fiscal year, the business now sees its sales in the range of $535 million and %540 million, while its non-GAAP loss from operations will be between $0 and $3 million.

ZM stock is up roughly 19.9% during regular trading hours today.


Article printed from InvestorPlace Media, https://investorplace.com/2019/06/zoom-video-earnings-zm-stock/.

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